Definitions
There is 1 meaning of the phrase
Right Of Offset.
Right Of Offset - as a noun
(banking) the legal right of a bank to seize deposited funds to cover a loan that is in default
Example Sentences
"The right of offset allows a bank to use funds from a customer's account to cover unpaid debts."
"Under the right of offset, the lender can seize the borrower's assets to repay the outstanding loan."
"The right of offset may be exercised when one party fails to fulfill their financial obligations."
"In some jurisdictions, the right of offset is only applicable to certain types of accounts."
"By agreeing to the terms and conditions, the account holder grants the bank the right of offset."
